could be stored in banks, and receipts were issued as proof of deposit. These receipts evolved into a form of currency, as they were treated with the value of the gold and silver that was on deposit in the bank. This system was convenient and worked well. What is important to remember is that the “currency” was backed by something of value - gold and silver. Over time, the banks realized that most of the financial transactions involved a transfer of bank receipts instead of the actual physical gold and silver - and that only a small amount of the precious metals were actually claimed and removed from the banks.

Monetary and Banking Policies of the U.S. seminar instructors, Brad Winslow and Representative Donna Mauro

submitted by Bryan Donovan, Southern NH 9.12 Project The first session of the “Monetary and Banking Policies of the

U.S.” seminar at the Windham Nesmith Library on October 5 filled the multi-purpose room with people that are eager to learn more about the monetary system in the United States. This series of four sessions, which is presented by the Southern NH 9.12 Project, began by introducing the history of money, starting with the concept of barter, and the problems that are inherent with directly exchanging one good for another. This led to exchanging goods for gold or silver, which simplified the process of exchanging goods of unequal value. To ensure accurate amounts of the precious metals were exchanged, coins were privately minted and stamped with specific weights to ensure

As the deposited money was lent out, some of the banks decided to lend out more money than they had gold and silver to back them up, by printing “counterfeit” receipts. This created two problems; (1) the increase in the money supply led to inflation, and (2) after enough people

went to the bank to collect their gold and silver, the bank would eventually fail. Today, banks in the U.S. (and around the world) also loan out more money then they have on deposit. This is called Fractional Reserve Banking. In 1973 the U.S. government decided to no longer back the dollar with gold. These two important points are the topic of the seminar on October 12. On October 19, the discussion will focus on the Federal Reserve, and how their policies have led to the enormous devaluation of the dollar. The “Monetary and Banking Policies of the U.S.” seminar is free and open to the public, and it is held on each Wednesday in October at the Windham Nesmith Library at from 7 to 8 p.m.

Charlie

Outdoors with

Chalk

Share Hunting Traditions

National Shooting Sports Foundation offers a reminder of how to maintain your hunting traditions and, for newcomers and inactive hunters, how to establish or re-establish them this hunting season. • Go hunting! It’s sounds simple, but the activity itself, whether you successfully take game or not, is a senses heightening, fulfilling experience.

• Share your hunting experience with friends and family members.

• Share a game meal at your table. • Tell your hunting stories. Share your stories on social media. • Remind others that wildlife conservation is funded through the sale of hunting licenses and excise taxes paid on firearms and ammunition, a tax that hunters supported and Congress approved in 1937.

• Set an example for ethical behavior. • Practice safety in the field, when traveling with firearms and when storing them at home. Practice the four firearm safety rules: Treat every gun as if it were loaded. Always keep the muzzle pointed in a safe direction. Keep your finger off the trigger until ready to take your shot. Know your target and what lies beyond it.

Windham voters cast a ballot approving the purchase of a new fire engine and necessary equipment, it was anticipated that the annual interest rate would hover around 3.2 percent. With the economy still struggling, however, the actual interest rate will be 1.46 percent. Windham Assistant Town Administrator

and Financial Director Dana Call said that the lower interest rate has been offered by Northway Bank of Plymouth, New Hampshire; the same financial institution used to obtain the recent Tax Anticipation Note (TAN) account in an amount up to

$1 million. Although it was not necessary for town officials to borrow any money this past summer, the line-of-credit remains in effect through the end of December. Originally, it was anticipated that the total interest on the purchase of the fire engine and related equipment (up to a maximum of $600,000) would be about $19,000 over the two-year life of the loan. Under the lower interest rate with Northway Bank, however, the interest is anticipated to total about $8,500; $10,500 less over the two year duration of the loan, than originally budgeted. Call said that the $19,000 figure was used “for budgetary purposes” only and was never a

set amount. The $19,000 was not included in the $600,000 cost of the new fire apparatus.

Selectmen voted 4 to 0 to accept the deal offered by Northway Bank. Voting in favor were Vice-Chairman Bruce Breton and Selectmen Kathleen DiFruscia, Roger Hohenberger and Phil LoChiatto. Chairman Ross McLeod was not in attendance at the time the vote was taken during the October 3 board meeting. The interest will be included when the 2012 and 2013 town-operating budgets are formulated. There is no interest charge for the current budget year.

submitted by Pelham Police Department The Pelham Police Department has been notified that the “Veterans of Foreign Wars, Department of New Hampshire, is conducting its Annual Fund Drive by telephone between October 1 and November 15. The fund drive raises funds for the ‘Boxes from Home’ program for all New Hampshire troops deployed in Iraq and Afghanistan, financial assistance to the VA Hospitals Assistance Program and assistance to all veterans local programs benefiting veterans and their families as well as the Homeless Veterans Program. We offer various sponsorships to the public

in exchange for tax-deductible donations. We deliver the sponsorship information to the donor’s home upon invitation. There is no door-to-door canvassing. We will have our delivery person stop

by the station to identify themselves and provide you a copy of their license and registration. The company responsible for conducting the

fund raising campaign is Landmark Productions Corporation of Natick, MA, (508) 626-8188. Landmark Productions Corporation is duly registered with the State of New Hampshire Attorney General’s Office, Charitable Trust Unit. Although we try to direct calls of inquiry to the VFW Dept of NH, there may be public inquiries directed to your office. We would appreciate that any such inquiries be addressed appropriately with the above information. If there are any further questions, contact Landmark Productions Corporation at (508) 626-8188.” This information was received from Veterans of Foreign Wars, Department of New Hampshire.